Wells Fargo Mortgage Backed Securities (MBS)

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davephx

LoanSafe Member
Jul 21, 2009
5,435
47
48
We're_still_reviewing
Hey how did you obtain my series on the CTS website? I got into the website and searched and found it :Securitized asset act receivables mortgage loan 2008-1 grantor trust series 2008-1
BUT i am restricted access. When i called WF they said borrowers are not prevy to this kind of information.
If it is securitized which it sounds like the information is available to the public via the SEC (Securities and Exchange Commission). If you know the issurer... someone here with a great deal of work was able to find his/her's and its pooling agreement which contrary to what the servicer said could be modified with certain restrictions.

The problem is finding it.. but

I tried CTS and Wells Fargo and nothing but here is an example of the report your looking for (not yours) but Exh 4 is the pooling service agreement if this link will work:

SEC Info - Banc of America Commercial Mortgage Inc/Series 2008-1 - 8-K - For 7/3/08 - EX-8
 

kjenkins7

LoanSafe Member
Nov 3, 2009
423
1
0
If it is securitized which it sounds like the information is available to the public via the SEC (Securities and Exchange Commission). If you know the issurer... someone here with a great deal of work was able to find his/her's and its pooling agreement which contrary to what the servicer said could be modified with certain restrictions.

The problem is finding it.. but

I tried CTS and Wells Fargo and nothing but here is an example of the report your looking for (not yours) but Exh 4 is the pooling service agreement if this link will work:

SEC Info - Banc of America Commercial Mortgage Inc/Series 2008-1 - 8-K - For 7/3/08 - EX-8
Thanks Davephx for the info.
No mine is MBS loan that according to Wells Fargo (actually talked to someone) my particular loan CAN NOT be open to me (homeowner) that in order to read any docs on my loan you have to be the investor. I was like well how the heck can fight you guys when you wont let me see the docs. I continue to be declined HAMP due to my investor does not participate. When i ask for the details of the doc they wont provide them to me. Like finding a needle in a haystack at this point.
 

flippinwacko

LoanSafe Member
Dec 30, 2008
524
1
0
4 seasons Idago
Guys, if you'll post the names of the people who signed your assignments as "VP" "assistant secretary", etc., etc. here, I'll look them up and get more info for you about them. I'll start off with my person, who happens to be "Christina Allen" who signed the assignment of mortgage as VP for Option One. Trouble is, she never worked a single day for Option One, and signed similar docs as VP or assistant secretary for IndyMac, Citi, WaMu, MERS, etc. Her true employer is Lender Processing Services which has branches around the country. The obvious problem is that Option One had its corporate headquarters in Irvine, CA, but this assignment was executed and signed in Minnesota. Why would a legitimate executive of Option One travel all the way to Minnesota to do this, when it could have been done in CA?? Explain that one. It just doesn't make sense at all......

Name those names! Bring them on and let's have a field day!! Sally
Sally,

I have a bunch of names! Should we take it off line?
 

flippinwacko

LoanSafe Member
Dec 30, 2008
524
1
0
4 seasons Idago
Thanks Davephx for the info.
No mine is MBS loan that according to Wells Fargo (actually talked to someone) my particular loan CAN NOT be open to me (homeowner) that in order to read any docs on my loan you have to be the investor. I was like well how the heck can fight you guys when you wont let me see the docs. I continue to be declined HAMP due to my investor does not participate. When i ask for the details of the doc they wont provide them to me. Like finding a needle in a haystack at this point.
Kjenk,

Are you saying that Wells Fargo will not give you copies of your own loan docs? Or the financial documents of the trust?

QWR the heck out of them for everything, especially loan docs!

You will need to search and search for the trust info on SEC! It will be on there...It is a ton of work, but will be worth it afterward!
 

kjenkins7

LoanSafe Member
Nov 3, 2009
423
1
0
Kjenk,

Are you saying that Wells Fargo will not give you copies of your own loan docs? Or the financial documents of the trust?

QWR the heck out of them for everything, especially loan docs!

You will need to search and search for the trust info on SEC! It will be on there...It is a ton of work, but will be worth it afterward!
What i am saying is i cant get the "trust info" from Wells Fargo who is the master servicer on my MBS loan. I got the original docs when i bought the house and also got resent the same stuff (since i asked for a QWR) but what i want is the "trustee" info so i can look up my particular loan in more dept because i keep getting blocked for a mod due to my "investor does NOT participate in HAMP" They eventually gave me a mod but it was an I/O for 5 years and then it defaults back to original terms which are not affordable or exceptable to me. This is my loan info i cant find any info and Wells Fargo told me i am not privy to the info:

Securitized Asset Act Receivables Mortgage loan 2008-1 grantor trust series 2008-1
 

Yelot595r

LoanSafe Member
Aug 14, 2010
1
0
0
California
I have a WFMBS 2007-8 Trust which I was able to figure out from reading along. I have been trying to get a loan mod since December 2007. Long story short - I am now speaking with Anna Dawson at the Offices of the President after writing a letter and emailing it the WF contacts listed on this site as well. She was able to get our Auction Date postponed until 9.27.10. I have been reading this thread and have so far as to gotten signed in to CTS. I'm not sure what do after that. Can someone help?
 

soccermom

LoanSafe Member
Mar 18, 2010
162
1
0
5 months late, and denied several times for a mod on our MBS. now sent a letter with a HAMP logo on it, and so I called. they want updated pay stubs and wanted to know how much money I could come up with if they were able to offer something. said they would need to get a current value and I did see someone take a picture today of my house. Good or bad news? last ditch effort to get money before they file NOD?? any chance they want to work with us?? we owe $515 on our first with WF, and 120k on 2nd with BOFA, and current value is probably around $460-$490k. any ideas??

thanks
 

angst

LoanSafe Member
Jun 5, 2012
2
0
0
Current Wells Fargo Spreadsheet Mine is wfmbs-2007-011

That information is really helpful. WF is saying they will only do an 18 month mod. Timebomb.

Would love to see what they are doing in my series, lately.

Thank you so much for the information, it has given us hope.


angst

You're very welcome. This spreadsheet is only for May 2010. There are many more months that have loan mods. on them as well. Let me know if you need me to upload those.
 

angst

LoanSafe Member
Jun 5, 2012
2
0
0
Never mind, found the information in the beginning of the thread! Thanks again!
 

avvojin

LoanSafe Member
Apr 10, 2012
21
0
0
Hi everyone, need help. I was told that my loan belongs to WFMBS 2007 AR6. Now, I was given like a temp mod 18mos ago with just a reduced interest due to hardship(took 25% pay cut and spouse loss job on that time). Now, mortgage payment will increase from $2500 to $4200 per mod which is another hardship for our family. Loan amount is roughly $709k and home value is perhaps $450k to $520k range.
Can someone help me understand if this particular MBS really offer a temp loan modification only and not permanent? I'm seeking for a permanent mod and called Wells Fargo but told me that I got modified once already and they cannot accommodate my request any further. They even told me to do short sale which don't make any sense to me for this very underwater home. I'd rather have them foreclose on me that do short sale.
I appreciate any lending hand and God Bless to all...

-jin
 

dmort

LoanSafe Member
Oct 5, 2012
1
0
0
67
I have been having a hard time even finding the pool my loan was in.The loan originator was Michigan Mutual dba First Preferred.The servicer is Wells Fargo.The loan was closed in April 2009.Any pointers ? Thanks
 

tgeoghegan

LoanSafe Member
Jul 25, 2012
49
0
6
You are welcome. Yeah, that seems like refi stuff.

MBS's are managed by "pooling and servicing agreements" or PSA that are the contracts with the investor. These PSA's have specific terms and conditions on how the servicer is to manage the loan. In this case Wells is the owner and servicer. They can do really whatever they feel is necessary on this. It is all up to Wells.

This is the typical wording in a PSA that is under the loss mitigation part of these contracts:

The Applicable Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any applicable insurance policies, follow such collection procedures as it would follow with respect to mortgage loans comparable to the Mortgage Loans and held for its own account.

Consistent with the foregoing, the Applicable Servicer may in its discretion

(i) waive any late payment charge or, if applicable, any penalty interest, or

(ii) extend the due dates for the Monthly Payments due on a Mortgage Note for a period of not greater than 180 days; provided, however, that any extension pursuant to clause

(ii) above shall not affect the amortization schedule of any Mortgage Loan for purposes of any computation hereunder, except as provided below. In the event of any such arrangement pursuant to clause

(ii) above, the Applicable Servicer shall make timely advances on such Mortgage Loan during such extension pursuant to Section 5.03 and in accordance with the amortization schedule of such Mortgage Loan without modification thereof by reason of such arrangement.

Notwithstanding the foregoing, in the event that any Mortgage Loan is in default or, in the judgment of the Applicable Servicer, such default is reasonably foreseeable, the Applicable Servicer, consistent with the standards set forth in Section 3.01, may also

(1) capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan,

(2) defer such amounts to a later date or the final payment date of such Mortgage Loan, (

3) extend the maturity of any such Mortgage Loan,

(4) amend the related Mortgage Note to reduce the related Mortgage Rate with respect to any Mortgage Loan,

(5) convert the Mortgage Rate on any Mortgage Loan from a fixed rate to an adjustable rate or vice versa,

(6) with respect to an Adjustable-Rate Mortgage Loan, extend the fixed period and reduce the adjustable rate period, and/or

(7) forgive the amount of any interest and principal owed by the related Mortgagor; provided that, in the Applicable Servicer’s reasonable and prudent determination, such waiver, modification, postponement or indulgence:

(A) is not materially adverse to the interests of the Certificateholders on a present value basis using reasonable assumptions (including taking into account any estimated Realized Loss that might result absent such action) and

(B) does not amend the related Mortgage Note to extend the maturity thereof later than the date of the final maturity date on the latest maturing Mortgage Loan;
provided, further, with respect to any Mortgage Loan that is not in default or if default is not reasonably foreseeable, unless the Applicable Servicer has provided to the Trustee and Securities Administrator a certification addressed to the Trustee and Securities Administrator, based on the advice of counsel or certified public accountants that have a national reputation with respect to taxation of REMICs that a modification of such Mortgage Loan (including for this purpose, any extension of due dates described in this Section 3.07(ii) above) will not result in the imposition of taxes on or disqualify from REMIC status any of the REMICs hereunder, the Applicable

Servicer shall not permit any modification with respect to any Mortgage Loan.
 

tgeoghegan

LoanSafe Member
Jul 25, 2012
49
0
6
On the CTSlink site I can see the Prospectus Supplement. Is this the Pool and Servicing agreement?
PROSPECTUS SUPPLEMENT
(To Prospectus Dated May 25, 2007)
Depositor
Wells Fargo Bank, N.A.
Sponsor and Master Servicer
Wells Fargo Mortgage Backed Securities 2007-7 Trust

There are 2 paragraphs that say you can refinance or do some sort of modification:

Page 36: It looks that I'm available to refinance:
Retention Program Standards A borrower with at least one mortgage loan serviced by Wells Fargo Bankmay be eligible for Wells Fargo Bank’s retention program. Provided such a borrower is current in his or her mortgage payment obligations, Wells Fargo Bank may permit a refinancing of one or more of the borrower’s mortgage loans that are serviced by Wells Fargo Bank or another servicer to a current market interest rate without applying any significant borrower credit or property underwriting standards. As a result, borrowers who qualify under the retention program may not need to demonstrate that their current total monthly debt obligation in relation to their monthly income level does not exceed a certain ratio; Wells Fargo Bank may not obtain a current credit report for the borrower or apply a new FICO Score to the refinanced loan; and the borrower may not be required to provide any verifications of current employment, income level or extent of assets. In addition, no current appraisal or indication of market value may be required with respect to the properties securing the mortgage loans which are refinanced under the retention program. A borrower may participate in this retention program through a refinancing of one or more of his or her existing mortgage loans by either replacing any such loan with a new mortgage loan at a current market interest rate or, in the case of a mortgage loan that had been originated or purchased by Wells Fargo Bank, by executing a modification agreement under which the interest rate on the existing mortgage loan is reduced to a current market rate. Mortgage Loans initially included in the Trust Estate for a particular Series of Certificates may have been the subject of a refinancing under the retention program and, to the extent that borrowers become eligible for the retention program after their Mortgage Loans have been included in a particular Trust Estate, such Mortgage Loans may be refinanced under such program. See “Prepayment and Yield Considerations” in this prospectus and in the prospectus supplement for a description of the potential effects on Certificateholders resulting from such refinancings. Wells Fargo Bank may also apply the retention program to its existing borrowers who obtain new purchase money mortgage loans secured by primary residences where the initial principal balance of the new loan would not exceed 150% of the original principal balance of the previous loan (up to a maximum new loan amount of $400,000). Borrowers may be pre-approved under this program if they have a satisfactory payment history with Wells Fargo Bank as well as a satisfactory FICO Score. Wells Fargo Bank may waive verifications of borrower income and assets under this program and may not impose any limitation on the ratio of a borrower’s current total debt obligation in relation to current monthly income. A new appraisal will be obtained with respect to the residence securing the new purchase money mortgage loan.
Page 60 Refinancing is the same:
"At the request of the mortgagor, a Servicer, including the Sponsor, may allow the refinancing of a Mortgage Loan in any Trust Estate serviced by such Servicer by accepting prepayments thereon and permitting a new loan secured by a Mortgage on the same property. Upon such refinancing, the new loan will not be included in the Trust Estate. A mortgagor may be legally entitled to require the Servicer to allow such a refinancing. Any such refinancing will have the same effect as a prepayment in full of the related Mortgage Loan. In this regard a Servicer may, from time to time, implement programs designed to encourage refinancing through such Servicer, including but not limited to general or targeted solicitations, or the offering of pre-approved applications, reduced or nominal origination fees or closing costs, or other financial incentives. A Servicer may also modify the payment terms of a defaulted Mortgage Loan or encourage selling a Mortgaged Property securing a defaulted Mortgage Loan for less than the unpaid principal balance of such Mortgage Loan. The Sponsor has a retention program applicable to its servicing portfolio. Provided the borrower is current in his or her mortgage payment obligations, the Sponsor may agree to refinance the mortgage loan in order to reduce the borrower’s mortgage interest rate, through the extension of a replacement loan or the execution of a modification agreement, without the application of any significant new borrower credit or property underwriting standards"